Tax Day, April 18, is right around the corner! If you still haven't filed your taxes, you have time to lower your income for the 2022 taxable year - that is, if you haven't maxed out your IRA yet. You may contribute up to $6,000, plus an additional $1,000 if you are at least age 50. Contribution can be made in an after-tax Roth account, however, you won't receive an upfront tax break for last year. On this episode of Adam Live, IRA Financial founder, Adam Bergman, Esq. will discuss the contribution rules for the IRA, and other tips to make the most out of your IRA account for the 2022 taxable year. Join us LIVE on Wednesday, April 12th at 12:00PM EDT! -- Learn more about the Self-Directed IRA: -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IRA Financial's in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice. IRA Financial is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services. Learn More: #ira #retirement #taxday #selfdirectedira #investing #taxes #taxplanning #taxbreak #taxdeductions #2022IRAcontributions #adambergman #irafinancial #adamlive #taxtips #taxtime #rothira...(read more)
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As the end of the year approaches, many people are thinking about their Individual Retirement Accounts (IRAs). If you're one of them, it's important to keep in mind some last-minute tips to make sure you're making the most of your IRA for 2022. 1. Maximize your contribution The maximum contribution for an IRA in 2022 is $6,000, with an additional $1,000 catch-up contribution for individuals over 50 years old. If you haven't contributed your maximum amount for the year, now is the time to do so before the year ends. By contributing the maximum amount, you can maximize your tax savings and save for your future. 2. Consider a Roth IRA If you haven't already, consider opening or contributing to a Roth IRA in addition to a traditional IRA. The main difference between a Roth IRA and a traditional IRA is how they're taxed. Contributions to a traditional IRA are tax-deductible upfront, but distributions are taxed as income upon withdrawal. Roth IRA contributions are made with after-tax dollars, but withdrawals are tax-free in retirement. Depending on your income and tax situation, a Roth IRA could be a valuable addition to your retirement portfolio. 3. Review your investments It's important to regularly review your IRA investments to ensure they align with your long-term goals and risk tolerance. Consider rebalancing your portfolio to reduce risk or take advantage of growth opportunities. If you're uncertain about your investments, consider speaking with a financial advisor to help you make informed decisions. 4. Explore tax credits If you're a low- to moderate-income earner, you may be eligible for the Retirement Savings Contributions Credit, also known as the Saver's Credit. This credit can be up to 50% of the first $2,000 you contribute to your IRA, 401(k), or other retirement account. This credit can help lower your tax bill while boosting your retirement savings. 5. Don't forget about Required Minimum Distributions Once you turn 72, you're required to take Required Minimum Distributions (RMDs) from your traditional IRA. The amount you're required to withdraw is based on your age and account balance. Make sure to take your RMDs by the end of the year to avoid costly penalties. By following these tips, you can make the most of your IRA for 2022 and beyond. Remember to keep track of important deadlines and stay informed about changes to the tax code to ensure you're making informed decisions about your retirement savings. https://inflationprotection.org/tips-for-ira-at-the-last-minute-in-2022/?feed_id=87921&_unique_id=643a349beec16 #Inflation #Retirement #GoldIRA #Wealth #Investing #2022iracontributions #AdamBergman #AdamLive #investing #ira #IRAFinancial #Retirement #RothIRA #selfdirectedira #taxbreak #taxday #taxday2023 #taxdeductions #TaxPlanning #taxtime #taxtips #traditionalIRA #VanguardIRA #2022iracontributions #AdamBergman #AdamLive #investing #ira #IRAFinancial #Retirement #RothIRA #selfdirectedira #taxbreak #taxday #taxday2023 #taxdeductions #TaxPlanning #taxtime #taxtips #traditionalIRA
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